Jordan is a 22-year-old recent college graduate who will be moving to Beltsville, MD for a one-year paid internship with a prestigious IT firm. If all goes well with the internship, and he proves himself a good fit for the company, he could potentially be hired to a permanent position with the firm upon the successful completion of his internship.
If he is hired by the firm at the end of his internship, he would eventually like to purchase a home in the area. Even entry-level salaries at the firm are more than sufficient to allow Jordan to afford a small house if he successfully gains that permanent position in a year.
However, he knows he will need time to save enough money for a downpayment and to establish a sufficient work history to qualify for mortgage funding. In addition, although Jordan was awarded numerous scholarships and also worked while attending college in order to keep student loan debt as low as possible, he had needed additional funding, in the form of student loans, to finish his schooling. The balance of those student loans, though a fraction of what they would have been without his scholarships and paychecks from his job on campus, was still more than he would like to have hanging over his head when he finally purchased a home.
His plan, as he explained it to us, was to find a small, affordable rental home if possible in the general area he would like to settle into more permanently in the future so that he can begin building relationships and establishing connections in that community. Jordan said that while he was searching online for rental homes, he found the Akin Developers’ website and browsed our rental section. That is when he contacted us for additional information and to schedule a walk-through for a few of the homes he had seen on our website.
Current Rental Home StatisticsAs stated above, homeowner vs. renter statistics indicates a decline in homeownership with 36% of households in the U.S., just over 44 million households, renting their home, a significant increase from past years. A recent Pew Research survey stated that even though renting is a practical option for many, the majority of renters, 72% of them, are like Jordan and do want to eventually attain that dream of homeownership. That same survey noted that while 79% of senior citizens own their homes, more than 69% of households headed by someone under the age of 35 are renters. Another interesting statistic is that 28% of renter-occupied homes are detached single-family units, rather than multi-family units like condominiums or townhouses. Some speculate that part of this statistic could be driven by aspects of the pandemic and related protocols. As more and more entertainment venues, restaurants, and even schools closed temporarily or permanently, or drastically reduced hours or access, individuals and families spent more and more time at home. Spaces felt smaller and more crowded with everyone at home, and safe, outdoor spaces that provided room to spread out and enjoy became valued assets. Single-family units usually provide that, although in varying porch and yard sizes.
Our Mission – Why Akin Developers?
Our mission at Akin Developers is to rejuvenate neighborhoods and to help increase the standard of living by improving the overall quality of housing for the residents. We buy houses from individuals in just about any situation including foreclosure, behind on mortgage payments, or just need cash fast.
Some of the homes we purchase we then renovate and sell. Others, like the ones Jordan saw on our webpage, we renovate and then keep as ready-to-rent homes.